Online shopping in Singapore has seen a boom in recent years as shoppers prefer the convenience of browsing online for products, easy online payments, and door-to-door delivery. If you’ve been thinking about starting a retail business, an online store is a cost-effective way of getting your products to customers. They are also very easy to set up.
Once you’ve decided on the products you would like to sell and the name for your online shop, the next step is to choose an ecommerce platform to reach out to your customers. A good ecommerce platform has services that will help you manage your business, market your products, and keep your customers happy.
A big reason why more and more people prefer to shop online is the ease of paying for products. With the advancements of technology, shoppers no longer need a credit or debit card to shop online. As long as they have a bank account, they can easily and securely make online payment transfers from their bank for any of their shopping done online.
For online businesses, providing the option of online bank transfers will help make it easier for your customers to pay for their purchases, increase customer satisfaction, and encourage repeat purchases.
At the same time, there are many payments that your online store will handle daily and monthly. These include the cost of courier delivery services, payments to overseas suppliers, subscription fee to the ecommerce platform, and staff salaries. So, it is essential to use an online banking provider that provides services to meet the needs of digital businesses.
Most of the banks in Singapore have online banking options for online merchants. One that is gaining more widespread use is the Maybank2u online banking platform. Let’s take a look at how this Maybank service can improve your business.
5 ways Maybank2u supports your ecommerce business
Maybank understands that every business needs as much help as they can get to get off the ground. They have a suite of services for small and medium businesses in Singapore available online at Maybank2u Singapore website.
Here are five ways Maybank2u online banking supports your online business.
1. PayNow Corporate payment service
PayNow is widely used in Singapore for online payments, and Maybank2u Singapore makes it easier for online businesses to accept and make payments with their PayNow Corporate service. All that’s required is the Unique Entity Number (UEN) of your business for customers to make payment online.
This service can also be used by your business to pay suppliers and other service providers, such as fees for courier services and subscription to your ecommerce platform.
2. Convenient banking on the go
In our highly mobile world, managing your business from your mobile phone or tablet is advantageous. The Maybank2u online banking app helps you to bank on the go.
Once your Maybank2u register details are confirmed, you’ll be able to easily:
- Access all your Maybank2u accounts and eStatements
- Make PayNow transactions
- Handle fund transfers to local and overseas bank accounts
- Activate credit or debit card
- Update contact details
- Pay bills by adding a billing organisation
You no longer have to head to a branch to do your banking. Simply open your Maybank2u login mobile app or Maybank2u login web site, and you’re ready to go!
3. Instant funds transfers
With Maybank2u online banking, you’re able to transfer funds instantly. The transaction is completed almost immediately after you approve it. You will then receive a Maybank2u transfer confirmation, so you know that the other party has received the funds in their bank account.
With this real-time and instant Maybank2u transfer service, you’ll no longer worry about missed or late payments of bills, staff wages, and supplier and vendor services.
4. Secure online transactions
The threat of fraud and hacking is ever-present when making online transactions. Scammers are becoming more creative in using your bank details to make fraudulent transactions.
Besides implementing two- factor authentication login (2FA) for your Maybank2u online banking access, Maybank2u Singapore also has 24/7 surveillance monitoring that detects suspicious transactions or abnormal activity in your account.
Some of the activities that the bank considers suspicious include:
- Unusually large sum transferred out of your account
- Login from a foreign country different from your usual location
- Attempt to change your Maybank2u login mobile or Maybank2u login web password too many times
In such cases, you’ll receive a notification from the bank via SMS or email. Should you notice any suspicious activity or transactions in your Maybank2u Singapore account, you can always call the Maybank2u hotline at 1800-MAYBANK (1800-629 2265).
5. Funding assistance for new businesses
Funding is one of the biggest things that new businesses need even before any sales are made. Even if it’s an online store, capital is required for purchasing stock, warehouse or storage rental, marketing and advertising, ecommerce platform fee, and more.
Maybank2u Singapore has a range of financial business loans at competitive rates that will help you get your online business set up faster. Besides this, Maybank2u online banking also links you to a few Singapore government assistant schemes for businesses.
Common questions about setting up Maybank2u online banking
What types of Maybank accounts are available for small businesses?
The two Maybank accounts most suited for small businesses are the FlexiBiz Account and the PremierBiz Account. A minimum deposit of S$1,000 is required to open any of these current accounts. For start-ups and new businesses, the FlexiBiz account is more cost-efficient—there isn’t a minimum monthly balance to maintain, and there aren’t any monthly fees.
What is needed to open my Maybank account?
If you’re a sole proprietorship, you will need the following: Certified true copy of IC/passport of all authorised signatories Minimum deposit in cash or cheque If your business is a Limited Partnership or Limited Liability Partnership, these are required: Bank’s Standard copy of resolution Certified true copy of IC/passport of all authorised signatories or partners Minimum deposit in cash or cheque For a private limited company, the certified true copy of Memorandum & Articles of Association is required, in addition to the documents detailed for a Limited Partnership/LLP.
How do I open my Maybank account?
To open a FlexiBiz and PremierBiz, fill in the forms on the Maybank2u Singapore website. Submit the form after filling it in, and a representative of the bank will call you to set up an appointment for you at your preferred Maybank branch to complete the procedure.
Besides online banking through the website and app, what other Maybank services do I have access to?
Start your online business today
Now that you know how Maybank2u online banking can support your online business, you can confidently start doing ecommerce. You’ll be assured that all the online funds and payment transactions required of an online store will be handled smoothly.
One way to easily start your online business is with Shopify. The platform has many tools available for you to sell, market, and manage your ecommerce operations for a small monthly fee. Maybank2u online banking services are also easily integrated on the Shopify platform so that you can easily accept payments from customers.